Essentially, the purchase agreement sets out all the details of the transaction so that both parties share the same understanding. The terms generally included in the agreement include the purchase price, the closing date, the amount of serious money that the buyer must submit as a down payment and the list of items included in the sale and not. As a general rule, sellers do not prefer contingencies for the sale of the property and if there are contingencies, the time to waive the contingency is usually as short as possible on the part of the seller to involve the buyer in the sale and ensure that the escling service closes as soon as possible. Closing Conditions: Closing conditions are conditions that must be concluded before the parties are obligated under the terms of the purchase and sale agreement. These are largely determined by the required consents and approvals and may include, for example, the satisfactory termination of the duty of care. When you first take a look at the purchase agreement of the property you want to buy or sell, you may feel overwhelmed. Often a long document, the agreement may contain several unknown terms and concepts. It is imperative that you understand these concepts before signing. This guide contains several elements that typically occur in purchase agreements and how they affect both the buyer and seller. .